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Supply and Demand

Across
products that can be used in place of other products to satisfy consumer wants
a situation that occurs when individuals or businesses concentrate their efforts in the areas in which they have an advantage for increased productivity and profi t
the willingness and ability of a producer to produce and sell a product
goods that consumers demand more of when their incomes rise
the pattern of behavior that occurs when consumers react to a change in price of a product by buying a substitute product that offers a better relative value
states that producers are willing to sell more of a good or service at a higher price than they are at a lower price
referring to a situation in which a change in price, either up or down, leads to a relatively larger change in the quantity demanded or the quantity supplied
a graph that shows data from a supply schedule
goods that consumers demand less of when their incomes rise
products that are used together, so the increase or decrease in demand for one will result in an increase or decrease in demand for the other
Down
a situation in which quantity demanded or quantity supplied changes little as price changes
a table that shows how much of a good or service an individual producer is willing and able to offer for sale at each price
a graph that shows a demand schedule, or how much of a good or service an individual is willing and able to purchase at each price
the desire to have some good or service and the ability to pay for it
a table that shows how much of a good or service an individual is willing and able to purchase at each price
a change in the amount of a good or service a consumer will buy because his or her income (and therefore purchasing power) changes
states that when the price of a good or service goes down, quantity demanded increases, and when the prices go up, quantity demanded falls